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What is critical in determining whether something is produced as a public good?
 
a. whether the market is willing to provide it
 
b. whether the benefits to society are greater than the total cost
 
c. whether the benefits to society are equal to the total cost
 
d. whether the government is willing to provide it

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Samantha Balando
Samantha BalandoLv7
29 Sep 2020

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Related questions

Which of the following is a critical rule for determining whether something is a public good?
1. The benefit to each individual who uses the facility is greater than the cost.
2. The benefits of the facility are greater for the society than for the individuals using it.
3. The total benefits to society are greater than the total cost.
4. The total cost is small for each individual taxpayer.

When a negative externality exists in a market, the cost to producers: 

a.) is greater than the cost to society

b.) will be the same as the cost to society.

c.) will be less than the cost to society

d.) will differ from the cost to society, regardless of whether an externality is present

Identifying and Providing Types of Goods

You will explain why some goods should be provided by the government and others should be provided by businesses. Given a list, correctly identify types of goods based on excludability and rivalness. Support

your answer.

TTask 1:

Consider the following list of goods. For each good, explain the following points.

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associated with this good?

Explain whether the private market should provide this good or the government should provide this good. Explain in terms of whether the characteristics of the good would make it difficult to be provided

by the private market or the government.

Answer for each event below.

A.

A cup of coffee at a coffee shop

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associa

ted with this good?

Explain whether the private market should provide this good or the government should provide this good. Explain in terms of whether the characteristics of the good would make it difficult to be

provided by the private market or the

government.

B.

City fire protection

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associated with this good?

Explain whether the private mark

et should provide this good or the government should provide

this good. Explain in terms of whether the characteristics of the good would make it difficult to be

provided by the private market or the government.

C.

Polar bears in the Arctic

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associated with this good?

Explain whether the private market should provide this good or the government shoul

d provide

this good. Explain in terms of whether the characteristics of the good would make it difficult to be

provided by the private market or the government.

D.

Clean air

Is the good rival?

Is the good excludable?

Identify the type of good (Private Good, Public Good, Common Resource, or Quasi Public Good)

Are there any externalities associated with this good?

Explain whether the private market should provide this good or the government should provide this good. Explain in terms of whether the characteristics of the good would make it difficult to be provided by the private market or the government.

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